I didn't know this is also the case with the growth hormone, however. I thought this only applies to testosterone, also tyroxine and some other hormones.
Sure, there isn't "nothing to lose", but let's not kid ourselves- if you're past retirement age and in a position to essentially be on TRT for the rest of your life, hypogonadism isn't a big deal unless for some crazy reason TRT becomes unavailable. As for gynecomastia, it's very easily managed with an aromatase inhibitor like exemestane or anastrozole.
I'm not saying there aren't risks or possible side effects, but exogenous testosterone shouldn't be dismissed out of hand because of the FUD surrounding steroids. If you haven't seen the documentary "Bigger, Stronger, Faster", I highly recommend it.